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O'Bryan Law Offices
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Job seekers no longer have to fear bankruptcy

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Job seekers no longer have to fear bankruptcy

Kentucky residents who are considering a bankruptcy filing can rest assured knowing that it may not harm their job prospects as previously thought. New research has shown that those who have a bankruptcy filing on their record may have the exact same chances of landing a job as those without a filing in their credit history.

The previous thinking was that employers take the presence of bankruptcy in one’s past as a sign of unreliability. Previous studies had shown that employers may hesitate to offer a job after they have checked an applicant’s credit history and found bankruptcy. There was even some evidence that those who already had a job faced some risk. However, the new data is showing that it may be changing as economic conditions and perceptions change.

Much of the negative stigma that is associated with bankruptcy is eroding as more people face financial problems that are not of their own making. In the Great Recession, millions of people were forced to file for bankruptcy as they lost jobs or the value of their homes plummeted. Now, millions of people are struggling to find livable wages and face the prospect of bankruptcy. Increasingly, bankruptcy is being viewed as a way out for people who have been plunged into financial difficulty and have nowhere else to turn.

An individual may want to turn to an attorney as soon as possible to get advice on bankruptcy and debt relief. Sometimes, there are technical requirements in the laws that might be difficult for individuals to understand on their own. A bankruptcy lawyer may guide debtors through the many laws surrounding bankruptcy so that they can have a successful filing. This may put debtors on the road to the fresh start that they need offered by bankruptcy protection.